The toy retail giant Smyths Toys saw revenues across Britain and Northern Ireland increase to a record €737 million in 2019, new accounts show.
Accounts recently filed by the family business – focusing on Britain – show that sales at the company increased seven per cent from £581 million to £622.6 million in 2019, while sales at the Northern Ireland arm totalled £45.19 million, resulting in combined revenues of £667 million (€737m).
The company operates 104 stores in England, Scotland and Wales and an additional seven in the North, where pretax profits for 2019 totalled £904,000.
The accounts confirm that the British company declared a dividend of £31 million in February 2020, with this following a dividend of £9 million in 2019.
Combined numbers employed at the two companies increased from 2,642 to 3,001 in 2019.
Reported by the Irish Times, on the 2019 performance of the UK company, the directors state that they are pleased with the result, particularly given the current economic climate and the competitive market place.
On the impact of Covid-19, the directors say that up to March 2020 the company had been performing strongly. They note that the company’s stores were shut during the first Covid 19 lockdown and reopened last June.
The directors add that based on company forecasts and a range of different scenarios, they are satisfied that with the current levels of reserves, utilising available government supports and tight cost-control measures for the period of the pandemic, the company can sustain its operations in the current volatile environment.